Marriott International, Inc. Report - ingotbrokers.com.au fileCompany General Overview Marriott...

Marriott International, Inc.

Report

Company General Overview

Marriott International, Inc., incorporated on September 19, 1997, is a diversified global lodging company

which operates in the Hotels and Entertainment services industry.

The Company is an operator, franchisor and licensor of hotels and timeshare properties across the world

with its headquarters in the United States of America.

The Company also operates markets and develops residential properties and provides services to

home/condominium owner associations.

The Company operates through three segments: North American Full-Service, North American Limited-

Service and International.

The North American Full-Service segment’s hotels include Marriott Hotels, Marriott Conference Centers,

JW Marriott, Renaissance Hotels, Renaissance ClubSport, Gaylord Hotels, Autograph Collection Hotels,

The Ritz-Carlton, The Ritz-Carlton Residences and EDITION Residences located in the United States and

Canada, the company also operates Delta Hotels and Resorts brand.

The North American Limited-Service segment includes AC Hotels by Marriott, Courtyard, Residence Inn,

SpringHill Suites, Fairfield Inn & Suites and TownePlace Suites properties, located in the United States

and Canada.

The International segment includes The Ritz-Carlton, Bulgari Hotels & Resorts, EDITION, JW Marriott,

Autograph Collection Hotels, Renaissance Hotels, Marriott Hotels, Marriott Executive Apartments, AC

Hotels by Marriott, Courtyard, Residence Inn, SpringHill Suites, Fairfield Inn & Suites, TownePlace Suites,

Protea Hotels and Moxy Hotels located outside the United States and Canada.

General Stock Information:

Stock Quote: MAR

52 Week’s High: 84.33$, As of April. 2016

52 Weeks’s Low: 56.43$, As of April. 2016

Stock Beta: 1.26, As of April. 2016

Market Cap: 16.92B, As of April. 2016

Executive Committee and Equity distribution:

As of March 2016 the executive committee and the majority shareholders equity are as follows:

Name Current Position Years in Position

Mr. John (Bill) Marriott Jr. Executive Chairman of the Board 4 Years

Mr. Arne Sorenson President, Chief Executive Officer, Director 4 Years

Ms. Kathleen Oberg Chief Financial Officer, Executive Vice President Less than a year

Simon Cooper President and Managing Director, Asia Pacific 6 Years

Mr. Alex Kyriakidis President and Managing Director, Middle East and Africa 4 Years

Ms. Amy McPherson President and Managing Director, Europe 7 Years

72.43% of the Marriott International, Inc. shares are freely floating in the market, however 57.17% of

the remaining 27.75% is owned by family members and strategic institutional investors.

Investor’s Name Percent Owned Shares Owned Turn Over

Marriott (John Willard Jr) 16.71% 42.37M Low

Marriott (Richard E) 9.49% 24.06M Low

T.RowePrice Associates, Inc. 6.39% 16.20M Low

The Vanguard Group, Inc. 6.09% 15.43M Low

Jennison Associates, LLC 5.81% 14.74M Low

Fidelity Management & Research Company 3.75% 9.50M Low

BlackRock Institutional Trust Company, N.A. 3.16% 8.01M Low

State Street Global Advisors (US) 3.11% 7.89M Low

Morgan Stanly Investment Management Inc. 1.42% 3.61M Low

Two Sigma Investments, LP 1.24% 3.15M High

http://emea1.views.cp.thomsonreuters.com/Explorer/EVzCORPxOFFICERSzDETAIL.aspx?s=MAR.O&st=RIC&personId=1445532

http://emea1.views.cp.thomsonreuters.com/Explorer/EVzCORPxOFFICERSzDETAIL.aspx?s=MAR.O&st=RIC&personId=1158672

Sector Overview

We choose two peer companies in the Hotels and Entertainment services industry to compare it with

Marriott International Inc., We choose those companies based on the availability of information and

their enterprise value, which is the sum of the company’s market capitalization and debt less its short

term investments and cash and cash equivalents.

Using the Enterprise value helps us to see the companies as of their netted values (the real value of the

company).

The companies we will use in our analysis must have plus ten billion Dollars in enterprise value because

the other companies that meet our criteria has far less enterprise value which might make the rustles

bias in favor of the larger companies.

They companies in our analysis are:

Hilton Worldwide Holdings Inc.

Starwood Hotels & Resorts Worldwide Inc.

The comparison between Marriott International Inc. and its sector peers will be based on profitability,

liquidity, efficiency and valuation ratios:

Valuation Ratios:

Valuation ratio are used to measure the value for a stock if it’s undervalued or overvalued, helping to

guide inventors wither or not to invests in a certain stock.

21,100.00

11,360.00

31,688.00

14,710.00

Enterprise Value

Marriott InternationalInn.

Sector average

Hilton WorldwideHoldings Inc

Starwood Hotels &Resorts Worldwide Inc

P/E (price to earnings) ratio is a good indicator that the stock is undervalued or overvalued, however the

enterprise value to EBITDA ratio is a better indicator for determining if the stock is undervalued or

overvalued when the company is using high levels of debt.

Marriott International Inc. stock may seems to be fairly values regarding its enterprise value when using

P/E, while the stock seems to be overvalued when using the enterprise value to EBITDA due of its lower

debt to enterprise value and lastly when using Price to cash flows the stock seems to be fairly

undervalued due their higher cash flows.

Liquidity Ratios:

Liquidity ratios are mainly used to measure the firm’s ability to pay its short term liabilities.

21.13

12.79

13.8

0.18

15.714.72

12.88

0.34

27.45

13.6913.03

0.180

5

10

15

20

25

30

P/E Price to CashFlow Ratio

EnterpriseValue toEBITDA

Total Debt toEnterprise

Value

Valuation Ratios

Marriott International Inc.

Hilton Worldwide HoldingsInc.

Starwood Hotels & ResortsWorldwide Inc.

0.43

0.03

1.05

0.35

1.03

0.49

0

0.2

0.4

0.6

0.8

1

1.2

Current Ratio Cash Ratio

liquidity Ratios


Hilton WorldwideHoldings Inc.

Starwood Hotels &Resorts Worldwide Inc.

The current and cash ratios indicate that the company may be in a bad liquidity positions while

comparing it to its peers, however the low current asset due the negative working capital that Marriott

International Inc. is running and focus on higher free cash flows may indicate otherwise.

Profitability Ratios:

Profitability ratios measure the profitability of the firm or how well the firm can make profits.

Marriott International Inc. lack behind its peers when it comes to net profit margins due its high tax

provisions and depreciation costs, however it has the highest return generated on its assets.

Efficiency Ratios:

Efficiency ratios measure how well the company manages its assets and resources.

5.93

13.2712.46

5.42

8.48

5.78

0

2

4

6

8

10

12

14

Net Margin Return on Assets

Profitability Ratios




12,317 11,81412,784

13,79614,486

10,715 10,190 11,020 11,830

12,363

1,602 1,624 1,764 1,966 2,1230

5,000

10,000

15,000

20,000

2011 2012 2013 2014 2015

Numbers are in Millions of US Dollars

Total Revenue

Total Cost of Revenue

Gross Profit

Marriott International Inc. supersedes its peers in terms of how well it manages its asset, it’s have the

highest revenue generated per employee, the highest receivables collection rate and the highest rate of

sales generated by its assets.

Company Financial Statements Overview

During the past five year revenues are growing after a slight decline back in 2012 also the cost for those

revenues grow roughly at the same pace, thus the Gross profit is gaining steadily

However there is one thing to be noticed that the growth rate in the revenues, cost of revenues and the

gross profit is declining which may indicate the they might flat out in the near futures or even decline.

113.53

13.142.24

68.73

10.220.4330.67

8.070.68

020406080

100120

Efficiency Ratios




The net profit margin is dropping due the increasing depreciation costs, tax provisions and interest

expense, after facing a significant drop from 62% to 21% on the effect of the huge increase in

depreciation costs from zero to 102 Million US Dollars.

Increasing tax provisions and the large gain in depreciation costs have the most effect on the net income

while interest expenses are being reduced by interest income lowering its negative-net.

62

21 20 18 17

0

20

40

60

80

2011 2012 2013 2014 2015Numbers are in

Millions of US Dollars

Net Profit Margin

0

102127

148 139163 139

10275

95

158

278 271

335

396

0

50

100

150

200

250

300

350

400

450

2011 2012 2013 2014 2015


Depreciation Costs

Net-Interest Expense

Tax Procision

However depreciation cost negatively affected the net-profit margin; it has benefited the operational

cash flows because it’s a non-cash expense so it’s added back to cash flow statement after being

expensed on the income statement, also it’s mitigated the effect of the negative changes in working

capital.

The working capital has been falling due the increase in current liabilities and the decline in current

assets, this indicates that the company is running a negative working capital and focusing on the long

term asset for its operations and using its the free cash flows to pay its future short term liabilities which

the accounts payable and accrued expense account for half of the short term liabilities.

More over the amount of stock issuance is declining and the stock repurchase significantly gained after

the large drop between the years 2011 and 2013, adding to that the debt issuance is rising, the debt

reduction is fluctuating but majorly is near the same range.

1,324 1,475

1,903

1,6101,384

2,558 2,773 2,675

3,0383,233

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2011 2012 2013 2014 2015


Total Current Assets

Total Current Liabilities

Future forecast

On the 8th of April 2016 Marriott International Inc. and Starwood Hotels and Resorts Worldwide Inc.

shareholders votes to approve merger, which may results in a new giant in the hotels and entertainment

services industry with a market cap that supersedes the Hilton’s Worldwide Holdings Inc. 22.07 Billion

Dollars market cap.

Marriott International Inc. Financial Statements

Balance Sheet:

2015 2014 2013 2012 2011

Period End Date 31-Dec-

2015

31-Dec-

2014

31-Dec-

2013

28-Dec-

2012

30-Dec-

2011

Assets ($ Millions)

Cash and Short Term Investments 96.0 104.0 126.0 88.0 102.0

Cash & Equivalents 96.0 104.0 126.0 88.0 102.0

Accounts Receivable - Trade, Net 1,103.0 1,100.0 1,081.0 1,028.0 875.0

Total Receivables, Net 1,103.0 1,100.0 1,081.0 1,028.0 875.0

Total Inventory -- -- -- 10.0 11.0

Prepaid Expenses 77.0 64.0 67.0 57.0 54.0

Other Current Assets, Total 108.0 342.0 629.0 292.0 282.0

Deferred Income Tax - Current Asset -- -- 252.0 280.0 282.0

Discountinued Operations - Current Asset 78.0 233.0 350.0 -- --

Other Current Assets 30.0 109.0 27.0 12.0 0.0

Total Current Assets 1,384.0 1,610.0 1,903.0 1,475.0 1,324.0

Property/Plant/Equipment, Total - Gross 1,926.0 2,378.0 2,448.0 2,530.0 2,095.0

Buildings - Gross 729.0 781.0 786.0 703.0 667.0

Land/Improvements - Gross 299.0 457.0 535.0 590.0 454.0

Construction in Progress - Gross 130.0 365.0 338.0 383.0 164.0

Other Property/Plant/Equipment - Gross 768.0 775.0 789.0 854.0 810.0

Property/Plant/Equipment, Total - Net 1,029.0 1,460.0 1,543.0 1,539.0 1,168.0

Accumulated Depreciation, Total (897.0) (918.0) (905.0) (991.0) (927.0)

Goodwill, Net 943.0 894.0 874.0 874.0 875.0

Goodwill - Gross 997.0 948.0 928.0 -- --

Accumulated Goodwill Amortization (54.0) (54.0) (54.0) -- --

Intangibles, Net 1,451.0 1,351.0 1,131.0 1,115.0 846.0

Intangibles - Gross 1,702.0 1,735.0 1,550.0 1,512.0 1,239.0

Accumulated Intangible Amortization (380.0) (461.0) (423.0) (397.0) (393.0)

Long Term Investments 165.0 224.0 222.0 216.0 265.0

LT Investment - Affiliate Companies 165.0 224.0 222.0 216.0 265.0

Note Receivable - Long Term 215.0 215.0 142.0 180.0 298.0

Other Long Term Assets, Total 895.0 1,079.0 979.0 943.0 1,134.0

Defered Income Tax - Long Term Asset 672.0 819.0 647.0 676.0 873.0

Other Long Term Assets 223.0 260.0 332.0 267.0 261.0

Total Assets 6,082.0 6,833.0 6,794.0 6,342.0 5,910.0

Liabilities ($ Millions)

Accounts Payable 593.0 605.0 557.0 569.0 548.0

Accrued Expenses 861.0 799.0 817.0 745.0 650.0

Notes Payable/Short Term Debt 0.0 0.0 0.0 0.0 0.0

Current Port. of LT Debt/Capital Leases 300.0 324.0 6.0 407.0 355.0

Other Current liabilities, Total 1,479.0 1,310.0 1,295.0 1,052.0 1,005.0

Other Current Liabilities 1,479.0 1,310.0 1,295.0 1,052.0 1,005.0

Total Current Liabilities 3,233.0 3,038.0 2,675.0 2,773.0 2,558.0

Total Long Term Debt 3,807.0 3,447.0 3,147.0 2,528.0 1,816.0

Long Term Debt 3,807.0 3,447.0 3,147.0 2,528.0 1,816.0

Total Debt 4,107.0 3,771.0 3,153.0 2,935.0 2,171.0

Other Liabilities, Total 2,632.0 2,548.0 2,387.0 2,326.0 2,317.0

Other Long Term Liabilities 2,632.0 2,548.0 2,387.0 2,326.0 2,317.0

Total Liabilities 9,672.0 9,033.0 8,209.0 7,627.0 6,691.0

Shareholders Equity ($ Millions)

Common Stock, Total 5.0 5.0 5.0 5.0 5.0

Common Stock 5.0 5.0 5.0 5.0 5.0

Additional Paid-In Capital 2,821.0 2,802.0 2,716.0 2,585.0 2,513.0

Retained Earnings (Accumulated Deficit) 4,878.0 4,286.0 3,837.0 3,509.0 3,212.0

Treasury Stock - Common (11,098.0) (9,223.0) (7,929.0) (7,340.0) (6,463.0)

Unrealized Gain (Loss) (8.0) (9.0) -- -- --

Other Equity, Total (188.0) (61.0) (44.0) (44.0) (48.0)

Translation Adjustment (192.0) (72.0) -- -- --

Other Comprehensive Income 4.0 11.0 (44.0) (44.0) (48.0)

Total Equity (3,590.0) (2,200.0) (1,415.0) (1,285.0) (781.0)

Total Liabilities & Shareholders' Equity 6,082.0 6,833.0 6,794.0 6,342.0 5,910.0

Supplemental ($ Millions)

Total Common Shares Outstanding 256.3 279.9 298.0 310.9 333.0

Shares Outs - Common Stock Primary Issue 256.3 279.9 298.0 310.9 333.0

Treas Shares - Common Stock Prmry Issue 0.0 0.0 0.0 -- --

Total Equity & Minority Interest (3,590.0) (2,200.0) (1,415.0) (1,285.0) (781.0)

Full-Time Employees 127,500 123,500 123,000 127,000 120,000

Number of Common Shareholders 32,947 34,458 36,811 38,726 42,086

Intangibles - Net 129.0 77.0 4.0 -- --

Goodwill - Net -- -- -- 874.0 875.0

Accumulated Goodwill Amortization Suppl. 54.0 54.0 54.0 -- --

Accumulated Intangible Amort, Suppl. 380.0 461.0 423.0 397.0 393.0

Total Current Assets less Inventory 1,384.0 1,610.0 1,903.0 1,465.0 1,313.0

Net Debt 4,011.0 3,667.0 3,027.0 2,847.0 2,069.0

Tangible Book Value, Common Equity (5,984.0) (4,445.0) (3,420.0) (3,274.0) (2,502.0)

Debt & Lease, Pension Items ($ Millions)

Total Long Term Debt, Supplemental 4,107.0 -- 3,199.0 2,935.0 2,171.0

Long Term Debt Maturing within 1 Year 300.0 -- 52.0 408.0 355.0

Long Term Debt Maturing in Year 2 302.0 -- 319.0 49.0 409.0




Long Term Debt Maturing in 2-3 Years 1,249.0 -- 616.0 365.0 471.0

Long Term Debt Maturing in 4-5 Years 962.0 -- 1,144.0 1,114.0 945.0

Long Term Debt Matur. in Year 6 & Beyond 1,596.0 -- 1,387.0 1,048.0 400.0

Total Capital Leases, Supplemental 5.0 -- 53.0 50.0 64.0

Interest Costs -- -- -- (4.0) (7.0)

Capital Lease Payments Due in Year 1 1.0 -- 47.0 3.0 3.0





Capital Lease Payments Due in 2-3 Years 2.0 -- 2.0 46.0 62.0

Capital Lease Payments Due in 4-5 Years 1.0 -- 2.0 2.0 2.0

Cap. Lease Pymts. Due in Year 6 & Beyond 1.0 -- 2.0 3.0 4.0

Total Operating Leases, Supplemental 962.0 -- 1,154.0 1,250.0 1,325.0

Operating Lease Payments Due in Year 1 126.0 -- 134.0 126.0 136.0





Operating Lease Pymts. Due in 2-3 Years 235.0 -- 248.0 248.0 240.0

Operating Lease Pymts. Due in 4-5 Years 154.0 -- 189.0 207.0 215.0

Oper. Lse. Pymts. Due in Year 6 & Beyond 447.0 -- 583.0 669.0 734.0

Income Statement:

2015 2014 2013 2012 2011


2015

31-Dec-

2014

31-Dec-

2013

28-Dec-

2012

30-Dec-

2011

Revenue 14,486 13,796 12,784 11,814 12,317

Net Sales 14,486 13,796 12,784 11,814 12,317

Total Revenue 14,486 13,796 12,784 11,814 12,317

Cost of Revenue, Total 12,363 11,830 11,020 10,190 10,715

Cost of Revenue 12,363 11,830 11,020 10,190 10,715

Gross Profit 2,123 1,966 1,764 1,624 1,602

Selling/General/Admin. Expenses, Total 634 659 649 582 752

Selling/General/Administrative

Expense

634 659 649 582 752

Depreciation/Amortization 139 148 127 102 --

Depreciation 139 148 127 102 --

Unusual Expense (Income) -- 0 (9) (21) 342

Restructuring Charge -- -- -- -- 0

Impairment-Assets Held for Use -- -- -- -- 324

Impairment-Assets Held for Sale -- -- -- -- 18

Other Unusual Expense (Income) -- 0 (9) (21) 0

Total Operating Expense 13,136 12,637 11,787 10,853 11,809

Operating Income 1,350 1,159 997 961 508

Interest Expense, Net Non-Operating (167) (115) (120) (137) (164)

Interest Expense - Non-Operating (167) (115) (120) (137) (164)

Interest/Invest Income - Non-Operating 72 40 18 (2) 1

Interest Income - Non-Operating 29 30 23 17 14

Investment Income - Non-Operating 43 10 (5) (19) (13)

Interest Inc.(Exp.),Net-Non-Op., Total (95) (75) (102) (139) (163)

Gain (Loss) on Sale of Assets -- 4 2 27 11

Net Income Before Taxes 1,255 1,088 897 849 356

Provision for Income Taxes 396 335 271 278 158

Net Income After Taxes 859 753 626 571 198

Minority Interest -- -- -- -- 0

Net Income Before Extra. Items 859 753 626 571 198

Net Income 859 753 626 571 198

Income Available to Com ExclExtraOrd 859 753 626 571 198

Income Available to Com InclExtraOrd 859 753 626 571 198

Basic Weighted Average Shares 267 290 305 323 350

Basic EPS Excluding Extraordinary Items 3.21 2.60 2.05 1.77 0.57

Basic EPS Including Extraordinary Items 3.21 2.60 2.05 1.77 0.57

Dilution Adjustment -- -- -- -- 0

Diluted Net Income 859 753 626 571 198

Diluted Weighted Average Shares 273 297 313 333 362

Diluted EPS Excluding ExtraOrd Items 3.15 2.54 2.00 1.72 0.55

Diluted EPS Including ExtraOrd Items 3.15 2.54 2.00 1.72 0.55

Supplemental ($ Millions)

DPS - Common Stock Primary Issue 0.95 0.77 0.64 0.49 0.39

Gross Dividends - Common Stock 253 223 195 158 135

Stock-Based Compensation,

Supplemental

113 109 116 94 86

Interest Expense, Supplemental 158 82 88 109 164

Interest Capitalized, Supplemental (9) (33) (32) (28) (19)

Depreciation, Supplemental 74 84 59 48 127

Other Unusual Expense(Income), Suppl. -- -- -- -- (328)

Non-Recurring Items, Supplemental, Total -- -- -- -- (328)

Total Special Items -- (4) (11) (48) 3

Normalized Income Before Taxes 1,255 1,084 886 801 359

Effect of Special Items on Income Taxes -- (1) (3) (16) (51)

Inc Tax Ex Impact of Sp Items 396 334 268 262 107

Normalized Income After Taxes 859 750 618 539 252

Normalized Inc. Avail to Com. 859 750 618 539 252

Basic Normalized EPS 3.21 2.59 2.03 1.67 0.72

Diluted Normalized EPS 3.15 2.53 1.98 1.62 0.70

Amort of Intangibles, Supplemental 65 64 68 54 41

Rental Expense, Supplemental 203 207 215 250 306

Equity in Affiliates, Supplemental 16 6 (5) (13) (13)

Minority Interest, Supplemental -- -- -- -- 0

Audit Fees -- 6 6 6 8

Audit-Related Fees -- 0 1 1 1

Tax Fees -- 1 1 1 1

All Other Fees -- 0 0 -- --

Normalized EBIT 1,350 1,159 988 940 522

Normalized EBITDA 1,489 1,307 1,115 1,042 690

Tax & Pension Items ($ Millions)

Current Tax - Total 257 314 200 36 2

Current Tax - Domestic 167 224 139 (6) (53)

Current Tax - Foreign 50 47 44 34 55

Current Tax - Local 40 43 17 8 0

Deferred Tax - Total 139 21 71 242 156

Deferred Tax - Domestic 131 21 68 211 116

Deferred Tax - Foreign 1 (5) (7) 1 30

Deferred Tax - Local 7 5 10 30 10

Income Tax - Total 396 335 271 278 158

Total Pension Expense -- 76 75 69 91

Defined Contribution Expense - Domestic -- 76 75 69 91

Cash Flow Statement:

2015 2014 2013 2012 2011


2015

31-Dec-

2014

31-Dec-

2013

28-Dec-

2012

30-Dec-

2011

Cash Flow-Operating Activities ($

Millions)

Net Income/Starting Line 859.0 753.0 626.0 571.0 198.0

Depreciation/Depletion 139.0 148.0 127.0 102.0 144.0

Depreciation 139.0 148.0 127.0 102.0 144.0

Non-Cash Items 489.0 443.0 337.0 284.0 685.0

Unusual Items -- -- -- 0.0 319.0

Other Non-Cash Items 489.0 443.0 337.0 284.0 366.0

Changes in Working Capital (57.0) (120.0) 50.0 32.0 62.0

Other Assets & Liabilities, Net (57.0) (120.0) 50.0 32.0 62.0

Cash from Operating Activities 1,430.0 1,224.0 1,140.0 989.0 1,089.0

Cash Flow-Investing Activities ($ Millions)

Capital Expenditures (305.0) (411.0) (296.0) (437.0) (183.0)

Purchase of Fixed Assets (305.0) (411.0) (296.0) (437.0) (183.0)

Other Investing Cash Flow Items, Total 672.0 98.0 (223.0) (148.0) (64.0)

Acquisition of Business (137.0) (184.0) (112.0) -- --

Sale of Business 673.0 435.0 0.0 65.0 20.0

Sale/Maturity of Investment 121.0 -- -- -- --

Investment, Net (7.0) (6.0) (16.0) (15.0) (83.0)

Purchase of Investments -- 0.0 (65.0) 0.0 0.0

Other Investing Cash Flow 22.0 (147.0) (30.0) (198.0) (1.0)

Cash from Investing Activities 367.0 (313.0) (519.0) (585.0) (247.0)

Cash Flow-Financing Activities ($ Millions)

Financing Cash Flow Items 0.0 0.0 (1.0) (11.0) 11.0

Other Financing Cash Flow 0.0 0.0 (1.0) (11.0) 11.0

Total Cash Dividends Paid (253.0) (223.0) (196.0) (191.0) (134.0)

Cash Dividends Paid - Common (253.0) (223.0) (196.0) (191.0) (134.0)

Issuance (Retirement) of Stock, Net (1,877.0

)

(1,332.0) (635.0) (966.0) (1,301.0)

Sale/Issuance of Common 40.0 178.0 199.0 179.0 124.0

Repurchase/Retirement of Common (1,917.0

)

(1,510.0) (834.0) (1,145.0) (1,425.0)

Common Stock, Net (1,877.0

)

(1,332.0) (635.0) (966.0) (1,301.0)

Issuance (Retirement) of Debt, Net 325.0 622.0 249.0 750.0 179.0

Long Term Debt Issued 790.0 394.0 345.0 936.0 118.0

Long Term Debt Reduction (325.0) (7.0) (407.0) (370.0) (264.0)

Long Term Debt, Net 325.0 622.0 249.0 750.0 179.0

Cash from Financing Activities (1,805.0

)

(933.0) (583.0) (418.0) (1,245.0)

Net Change in Cash (8.0) (22.0) 38.0 (14.0) (403.0)

Net Cash - Beginning Balance 104.0 126.0 88.0 102.0 505.0

Net Cash - Ending Balance 96.0 104.0 126.0 88.0 102.0

Cash Interest Paid 114.0 79.0 83.0 83.0 130.0

Cash Taxes Paid 218.0 172.0 77.0 (17.0) 45.0

Free Cash Flow 1,125.0 813.0 844.0 552.0 906.0

Recourses

From Thomson Reuters Eikon Platform.

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information in this document and, in any event, Ingot Brokers and its affiliates shall not be liable for any consequential, special, punitive,

incidental, indirect or similar damages arising from, related to or connected with this document, even if notified of the possibility of such

damages.

Marriott International, Inc. Report - ingotbrokers.com.au fileCompany General Overview Marriott...

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